Latest news with #BML
Business Recorder
02-08-2025
- Business
- Business Recorder
BML reports first ever half-year PBT of Rs1.44bn
KARACHI: Bank Makramah Limited (BML) has achieved a historic milestone by reporting a profit before tax of Rs 1.44 billion and an after tax profit of Rs 707 million for the half-year ended June 30, 2025 – the first profit declared by the Bank in more than a decade. These results, approved by the Board of Directors at its meeting held on August 1, 2025, reflect a remarkable turnaround from the loss before tax of Rs 2.44 billion reported for the corresponding period last year, an improvement of Rs 3.88 billion. Earnings per share (EPS) also improved to Rs 0.11 from a negative Rs 0.22 during the same period in 2024. BML Chairman Abdulla Nasser Abdulla Hussain Lootah said, 'The Bank's strong performance has been driven by improved net mark-up income, record recoveries of legacy non-performing loans, a significantly improved deposit mix that has reduced the average cost of deposits, and exceptional Treasury gains during the period. These results reflect the success of BML's broader turnaround strategy, he further stated that this milestone is proof of the dedicated efforts and commitment of our teams, we have strong faith in the banks future and Pakistan's reviving economic fundamentals.' Subsequent to the half-year period, the Bank has further bolstered its position through the successful sale of a strategic asset for Rs 12 billion and an injection of Rs 5 billion from its Sponsor as advance against share capital. The Scheme of Arrangement is also in the final stages filed before the Islamabad high Court and expected to further strengthen the Bank's capital base once concluded. President and CEO Jawad Majid Khan stated these historic results mark a decisive turning point for the Bank, and validates the tireless efforts of BML's management and employees and also sends a strong signal of renewed strength and stability to the customers, investors, and the market at large. With the restructuring efforts nearing conclusion, the management is confident that BML is now firmly on the path toward sustained profitability and growth. The Board of Directors expressed its deepest gratitude to the Sponsor and chairman for their unwavering support and long-term commitment which has been instrumental in the Bank's revival journey. Copyright Business Recorder, 2025
Business Recorder
01-08-2025
- Business
- Business Recorder
Bank Makramah Limited sells Cullinan Tower in Karachi
Bank Makramah Limited (BML) announced on Friday that it had received the down payment for Cullinan Tower, formerly Summit Tower. The BML issued a notice to the Pakistan Stock Exchange today in this regard. 'We hereby convey that subsequent to the approval of the Bank Makramah Limited's Board of Directors, in their previous meeting held on July 3, 2025, for the sale of Cullinan Tower (formerly Summit Tower) situated at Plot No. G-2, Block-2, Scheme-5, Clifton, Karachi, the Sale Purchase Agreement (SPA) has been executed today and down payment received thereagainst,' the notice read. Recently, the BML had also announced significant capital injections alongside a major strategic asset sale. On July 5, BML's Board of Directors approved the sale of Cullinan Tower in Clifton, Karachi, for a confirmed offer of Rs 12 billion.
West Australian
09-07-2025
- Business
- West Australian
Auric eyes $4.5M windfall from final Jeffreys Find WA mining campaign
Auric Mining has fired up a final toll milling campaign at its Jeffreys Find gold mine near Norseman in Western Australia's Goldfields. The final 60,000-tonne batch of ore is set to produce a handy 2750 ounces of gold to close out the company's wildly successful joint venture with BML Ventures. The ore is now being processed at Focus Minerals' Three Mile Hill mill in Coolgardie, tying a bow on Auric's 30,000-ounce total gold target from Jeffreys Find. The final push is projected to generate up to $9 million in surplus cash. Auric's 50:50 share is expected to be between $4 million and $4.5 million. Under the joint venture, Kalgoorlie-based BML will again carry the mining, haulage and milling costs for Jeffreys Find. Auric says it has already invoiced BML for a $3.6 million interim distribution to be paid in July and August, with final accounting slated for the next quarter. Auric has closely studied BML's toll treating strategy, as it looks to replicate the joint venture's success and mining practices at its latest and largest flagship Munda gold project, just up the road from Jeffreys Find. The Jeffreys Find project has been a financial springboard for Auric. With its $17 million war chest from its share of gold sales, the company will now deploy its fully funded mining operation at the 125,000-tonne starter pit, which is already underway at Munda. The initial pit is targeting a minimum 6100 ounces at 1.8 grams per tonne (g/t) gold from a broader resource at Munda of 3.65 million tonnes grading 1.23g/t gold for 145,000 ounces. The 145,000-ounce Munda deposit is one of the largest undeveloped gold resources in the Kalgoorlie region, which is a key factor in Auric securing a lucrative toll treatment agreement with mid-cap gold producer Black Cat Syndicate for the Munda starter pit ore. Black Cat has opened its gates to Auric and will process ore at its currently under-capacity Lakewood mill in Kalgoorlie. Spare capacity is an absolute rarity in the region. The soaring gold price means toll treating options have become notoriously hard to find and the region's mills are reportedly backed up well into 2027. Auric says its Munda deal will generate more than $28 million in revenue at current gold prices. The deal also benefits Black Cat, slotting nicely into its 'more gold, sooner' strategy in the booming Kalgoorlie goldfields. Auric's first 40,000t ore parcel from a smaller starter pit is slated for September, with one or two additional campaigns to follow, wrapping up by early next year. Auric's 2023 scoping study - based on a then $2600 per ounce gold price - projected $76.9 million in surplus cash from Munda's main pit. With gold now trading at nearly double that figure, the financial upside could be staggering for the company as it looks to become a standalone gold producer. The company recently scooped up the old Burbanks processing plant outside Coolgardie, two prospective leases near Westgold's Higginsville operation and the Lindsay's gold project for $4 million, signalling its ambition to become self-sufficient in the not-too-distant future. With Jeffreys Finds final gold haul hitting the mill and Munda's starter pit in full swing, Auric looks to be turning its once modest toll-mining plays into fully-fledged standalone Aussie gold production. Is your ASX-listed company doing something interesting? Contact:
The Age
09-07-2025
- Business
- The Age
Auric eyes $4.5M windfall from final Jeffreys Find WA mining campaign
Auric Mining has fired up a final toll milling campaign at its Jeffreys Find gold mine near Norseman in Western Australia's Goldfields. The final 60,000-tonne batch of ore is set to produce a handy 2750 ounces of gold to close out the company's wildly successful joint venture with BML Ventures. The ore is now being processed at Focus Minerals' Three Mile Hill mill in Coolgardie, tying a bow on Auric's 30,000-ounce total gold target from Jeffreys Find. The final push is projected to generate up to $9 million in surplus cash. Auric's 50:50 share is expected to be between $4 million and $4.5 million. Under the joint venture, Kalgoorlie-based BML will again carry the mining, haulage and milling costs for Jeffreys Find. Auric says it has already invoiced BML for a $3.6 million interim distribution to be paid in July and August, with final accounting slated for the next quarter. Auric has closely studied BML's toll treating strategy, as it looks to replicate the joint venture's success and mining practices at its latest and largest flagship Munda gold project, just up the road from Jeffreys Find. 'Auric will bank more than $17 million in total from its profit share of the mining at Jeffreys Find.' Auric Mining managing director Mark English Auric Mining managing director Mark English said: 'This has been a game-changer for us as we transition to becoming a gold producer in our own right. These additional funds will principally be used to support the operations already underway at Munda.' The Jeffreys Find project has been a financial springboard for Auric. With its $17 million war chest from its share of gold sales, the company will now deploy its fully funded mining operation at the 125,000-tonne starter pit, which is already underway at Munda. The initial pit is targeting a minimum 6100 ounces at 1.8 grams per tonne (g/t) gold from a broader resource at Munda of 3.65 million tonnes grading 1.23g/t gold for 145,000 ounces. The 145,000-ounce Munda deposit is one of the largest undeveloped gold resources in the Kalgoorlie region, which is a key factor in Auric securing a lucrative toll treatment agreement with mid-cap gold producer Black Cat Syndicate for the Munda starter pit ore. Black Cat has opened its gates to Auric and will process ore at its currently under-capacity Lakewood mill in Kalgoorlie. Spare capacity is an absolute rarity in the region. The soaring gold price means toll treating options have become notoriously hard to find and the region's mills are reportedly backed up well into 2027.
Sydney Morning Herald
09-07-2025
- Business
- Sydney Morning Herald
Auric eyes $4.5M windfall from final Jeffreys Find WA mining campaign
Auric Mining has fired up a final toll milling campaign at its Jeffreys Find gold mine near Norseman in Western Australia's Goldfields. The final 60,000-tonne batch of ore is set to produce a handy 2750 ounces of gold to close out the company's wildly successful joint venture with BML Ventures. The ore is now being processed at Focus Minerals' Three Mile Hill mill in Coolgardie, tying a bow on Auric's 30,000-ounce total gold target from Jeffreys Find. The final push is projected to generate up to $9 million in surplus cash. Auric's 50:50 share is expected to be between $4 million and $4.5 million. Under the joint venture, Kalgoorlie-based BML will again carry the mining, haulage and milling costs for Jeffreys Find. Auric says it has already invoiced BML for a $3.6 million interim distribution to be paid in July and August, with final accounting slated for the next quarter. Auric has closely studied BML's toll treating strategy, as it looks to replicate the joint venture's success and mining practices at its latest and largest flagship Munda gold project, just up the road from Jeffreys Find. 'Auric will bank more than $17 million in total from its profit share of the mining at Jeffreys Find.' Auric Mining managing director Mark English Auric Mining managing director Mark English said: 'This has been a game-changer for us as we transition to becoming a gold producer in our own right. These additional funds will principally be used to support the operations already underway at Munda.' The Jeffreys Find project has been a financial springboard for Auric. With its $17 million war chest from its share of gold sales, the company will now deploy its fully funded mining operation at the 125,000-tonne starter pit, which is already underway at Munda. The initial pit is targeting a minimum 6100 ounces at 1.8 grams per tonne (g/t) gold from a broader resource at Munda of 3.65 million tonnes grading 1.23g/t gold for 145,000 ounces. The 145,000-ounce Munda deposit is one of the largest undeveloped gold resources in the Kalgoorlie region, which is a key factor in Auric securing a lucrative toll treatment agreement with mid-cap gold producer Black Cat Syndicate for the Munda starter pit ore. Black Cat has opened its gates to Auric and will process ore at its currently under-capacity Lakewood mill in Kalgoorlie. Spare capacity is an absolute rarity in the region. The soaring gold price means toll treating options have become notoriously hard to find and the region's mills are reportedly backed up well into 2027.
